advertisement advertisement advertisement When the COVID-19 pandemic first hit, many business leaders started rethinking how their companies could serve the needs of society as a whole. And for many, that meant donating to relief organizations and charities: Seven in 10 U.S. corporate funders increased their charitable contributions in response to the pandemic. advertisement advertisement Corporate charitable donations were critical in order to absorb the immediate shock and disruption of the pandemic. But for business leaders willing to consider a far-sighted approach, there is another, higher-risk strategy with potential for longer-term change: betting on social enterprises. Social enterprises—essentially, startups and businesses that serve a social purpose in addition to a financial one—will be key to the world’s recovery as we build back a stronger, more resilient economy through innovation and inclusion of low-income populations that have thus far been excluded or exploited. On the ground, this looks like a plastic waste collection and processing company in Ghana called Coliba preserving jobs for 210 women living at the bottom of the economic pyramid; or in Peru, 150 smallholder farmers earning income despite supply chain disruptions because Wasi Organics, a local snack food business, is putting their needs ahead of short-term cash flow…. Read full this story
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Corporate donations shouldn’t be Band-Aids. Big bets on social enterprises will make more change have 337 words, post on www.fastcompany.com at January 20, 2021. This is cached page on Business Breaking News. If you want remove this page, please contact us.